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Know Your Consensus 🧠
WC in the Real World 🗺️
Did It Actually Work?⚠️
100

This economist coined the term “Washington Consensus.”


Who is John Williamson?

100

This region was the main focus of Washington Consensus reforms.


What is Latin America?

100

These two countries did not follow the Washington Consensus and experienced fast economic growth.

What are China and India?
200

The Washington Consensus was meant to replace this inward-looking development strategy.


What is Import Substitution Industrialization (ISI)?

200

Selling off state-owned companies to private firms is called this.


What is privatization?

200

Argentina was often described as this before its economic collapse.


What is the model student?

300

These two institutions enforced the policies through loans.


What are the IMF and World Bank?

300

Reducing tariffs and opening markets to global trade is called this.


What is trade liberalization?

300

A key criticism is that the Washington Consensus applied this type of approach to very different countries.


What is a one-size-fits-all approach?

400
This term was meant as policies to reform Latin America economic growth in 1989. But it was misunderstood as free-market fundamentalism. 
What is Washington Consensus?
400
This term emphasizes the maintain of low inflation and avoiding large budget deficits.
What is fiscal discipline?
400
This critique argues that the Washington Consensus is a failure as it applies the 'one-size-fits-all' approach and ignored countries conditions which lead to inconsistent growth like Argentina.

What is Rodrik?

500

This term is the lack of consensus among economists about Washington Consensus as it failed to deliver consistent results.

What is Washington Confusion?

500
The economist who worked at the World Bank and later changed their mind on the Washington Consensus.

Who is Joseph Stiglitz

500

Argentina was often described as this before the economic downturn.

What is the poster child or model example of the Washington Consensus